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Oil prices fall for 3rd consecutive day: Here's why
Oil prices have slipped for the third straight day, landing at $66.77 for Brent crude and $63.29 for US West Texas Intermediate.
The drop comes as everyone waits to see if OPEC+ (the group of major oil-producing countries, including Russia) will increase production in October—a move that could potentially impact global supply earlier than planned.
OPEC+ is considering increasing oil production
OPEC+ is thinking about pumping out 1.65 million more barrels a day, which is about 1.6% of worldwide demand.
Meanwhile, US oil inventories unexpectedly rose by 2.4 million barrels last week (instead of dropping), adding another twist to an already unpredictable market.